Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 7, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:
S.T. CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4951
URL:
https://www.st-c.co.jp/
Representative:
Yo Kouzuki, Representative Executive Officer, President, COO
Inquiries:
Kouichi Yoshizawa, Managing Executive Officer
Telephone:+81-3-3367-6314
Scheduled date to annual general meeting of shareholders:June 18, 2024
Scheduled date to commence dividend payments:
June 3, 2024
Scheduled date to file Securities Report:
June 18, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,
2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

44,472

(2.4)

1,341

(44.5)

1,930(29.3)

1,274(30.3)March 31, 2023

45,5760.2

2,416(25.7)

2,730(21.6)

1,828

64.9

Note: Comprehensive income

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share

Diluted earnings
per share¥1,788 million¥2,064 million

Return on equity[(13.4)%][378.7%]

Ordinary profit/
total assets

Operating profit/
net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024

57.23

–

3.9

4.2

3.0

March 31, 2023

82.22

–

5.7

6.0

5.3

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024: ¥(31) million
For the fiscal year ended March 31, 2023: ¥(11) million
Note: Diluted earnings per share are not given since there are no dilutive shares.

(2) Consolidated financial position
Total assets
As ofMillions of yen

Net assets
Millions of yen

Equity ratio

Net assets per share%

Yen

March 31, 2024

44,76033,80074.1

1,487.83

March 31, 2023

46,11632,96170.2

1,456.38

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:¥33,159 million¥32,390 million

(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

1,644
4,362

(981)
(1,242)(1,164)(983)

13,576
14,004

2. Cash dividends
Annual dividends

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year
endingMarch 31, 2025
(Forecast)First
quarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Total

Total cash
dividends(Total)Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen Millions of yen

%

%

–

20.00

–

20.00

40.00

900

48.6

2.8

–

21.00

–

21.00

42.00

945

73.4

2.9

–

22.00

–

22.00

44.00

70.0

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 to March
31, 2025)
Net sales
Millions of yen
Six months ending
September 30, 2024
Fiscal year ending
March 31, 2025

Operating profit% Millions of yen(Percentages indicate year-on-year changes.)
Profit attributable to
Basic earnings
owners of parent
per share

Ordinary profit% Millions of yen% Millions of yen%

Yen

24,8008.2

1,200(12.5)

1,350(25.4)

750(37.9)

33.67

49,200

10.6

2,000

49.1

2,300

19.2

1,400

9.8

62.85

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
Newly included: – companies
Excluded:– companies(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

23,000,000 shares

As of March 31, 2023

23,000,000 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

712,638 shares

As of March 31, 2023

759,210 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

22,275,806 sharesFiscal year ended March 31, 2023

22,240,825 shares* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
Caution regarding forward-looking statements and others
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
Consequently, the statements herein do not constitute assurances regarding the Company’s actual results. Actual
financial and other results may differ substantially from the statements herein due to various factors. Please referto “(1) Outline of operating results for the current fiscal year” of “1. Outline of operating results, etc.” on pages
2 to 4 of the attached materials for the suppositions that form the assumptions for the earnings forecasts andcautions regarding the use of the earnings forecasts.
Method of obtaining the supplementary material on financial results
We intend to post the video explaining the financial results and the supplementary material on financial resultson the Company’s website on Wednesday, May 8, 2024.

S.T. CORPORATION (4951)○Attached Material Index
1. Outline of operating results, etc. ......................................................................................................................... 2(1) Outline of operating results for the current fiscal year ................................................................................. 2(2) Outline of financial status for the current fiscal year .................................................................................... 5(3) Basic policy on profit distribution and dividends for the current and next fiscal years ................................ 6
2. Basic concept regarding the selection of accounting standards .......................................................................... 6
3. Consolidated financial statements and significant notes thereto ......................................................................... 7(1) Consolidated balance sheet ........................................................................................................................... 7(2) Consolidated statement of income and consolidated statement of comprehensive
income .......................................................................................................................................................... 9(Consolidated statement of income) ............................................................................................................. 9(Consolidated statement of comprehensive income) .................................................................................. 10(3) Consolidated statement of changes in shareholders’ equity .........................................................................11(4) Consolidated statement of cash flows ......................................................................................................... 13(5) Notes on consolidated financial statements ................................................................................................ 15
Notes on going concern assumption ........................................................................................................... 15
Notes on significant accounting policies for preparation of consolidated financial statements.................. 15
Related to consolidated balance sheet......................................................................................................... 18
Related to consolidated statement of income .............................................................................................. 19
Related to statement of changes in shareholders’ equity ............................................................................ 20
Related to consolidated statement of cash flows ........................................................................................ 22
Segment information................................................................................................................................... 22
Per share information .................................................................................................................................. 23
Significant post-balance sheet events ......................................................................................................... 23-1-

S.T. CORPORATION (4951)

1. Outline of operating results, etc.
(1) Outline of operating results for the current fiscal year(i) Outline of overall results for the current fiscal year
Indicators, etc.

Previous fiscal year

Current fiscal year

45,576
2,416
2,730
1,828
82.22

44,472
1,341
1,930
1,274
57.23

Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Earnings per share (yen)(Millions of yen)
YoY percentagechange (%)(2.4)(44.5)(29.3)(30.3)(30.4)

During the current fiscal year, the Japanese economy showed signs of modest recovery as capital investment
remained steady given visible improvement in corporate earnings, with moderate improvements in employment
and wages amid the normalization of economic activities as restrictions on activity under COVID-19 were eased.
On the other hand, a sense of uncertainty about the future persists for various reasons, including international
instability related to the prolonged situation in Russia and Ukraine and the situation in the Middle East, andstagnating consumer spending prompted by a decline in real purchasing power against the backdrop of highprices.
Under these conditions, the Group has worked on “focusing on existing core business to increase profits,”“countermeasures to soaring material costs,” “continuous investment towards domains for growth,” and“creating a base to survive periods of ESG” in order to enable sustainable growth under brand value
management.
For the current fiscal year, net sales amounted to 44,472 million yen (down 2.4% year on year) due to a declinein Thermal Care due to a mild winter, along with a slowdown in demand in Cloth Care and Hand Care.
As for profit, despite price hikes in major product categories, operating profit amounted to 1,341 million yen(down 44.5% year on year) due to increased costs of production accompanying higher raw material prices andalso due to an increase in selling, general and administrative expenses such as temporary expenses and personnel
expenses caused by new business investment, ordinary profit amounted to 1,930 million yen (down 29.3% year
on year) due to an increase in non-operating income from insurance claim income, and profit attributable toowners of parent amounted to 1,274 million yen (down 30.3% year on year) due to the absence of loss on
disaster that occurred in the previous fiscal year.
(ii) Status by category of the current fiscal year
Given that the Group operates a single segment of the daily necessities business, operating results by businesscategory are as follows.
<Net sales by category>Category
Air Care (Deodorizers and Air Fresheners)
Cloth Care (Mothproofing Agents)
Thermal Care (Disposable Warmers)
Hand Care (Household Gloves)
Humidity Care (Dehumidifiers)
Home Care (Others)
Total

Amount(Millions of yen)
20,255
7,143
4,220
5,655
2,882
4,315
44,472Composition (%)
45.5
16.1
9.5
12.7
6.5
9.7
100.0

YoY percentagechange (%)
2.5(10.6)(10.4)
(3.2)
(3.4)
0.6
(2.4)

In the Air Care (Deodorizers and Air Fresheners) category, we have engaged in efforts that involve strengthening
high-value added products. Although sales of Shoshu-Riki DEOX series have slowed, Shoshu-Riki Premium
Aroma For Sleep for Bedrooms, a bedroom fragrance to support the creation of a comfortable space, and our-2-

S.T. CORPORATION (4951)
new products including Shoshu-Riki Compact for Toilet, a product concentrates the dual power of instantdeodorant and continuous deodorant, which have been added to the lineup of the Shoshu-Riki Premium Aroma
series contributed, as well as sales of high-value-added products, such as Shoshu-Riki Premium Aroma Stickand Shoshu-Riki Premium Aroma for Toilet increased. Net sales were 20,255 million yen (up 2.5% year onyear).
In the Cloth Care (Mothproofing Agents) category, we have focused on hanging-storage-type products for
closets and walk-in closets in line with changes in storage styles and worked to expand sales of large-volumetype products. Sales of existing core products, including Mushuda for Closet and Mushuda for Wardrobe,
declined due to sluggish purchasing behavior last spring season due to increased opportunities to go out, as well
as opportunity losses in the fall season and a delay in the timing for the seasonal changing of clothes this spring
season due to the impact of atmospheric temperature, resulting in net sales of 7,143 million yen (down 10.6%
year on year).
In the Thermal Care (Disposable Warmers) category, we have worked to revise the profit structure. Despite
improvement in profit upon having reviewed the selling price of disposable warmers, net sales were 4,220
million yen (down 10.4% year on year) amid a slowdown in demand in the winter season given a tendency
toward a mild winter, and declined price competitiveness.
In the Hand Care (Household Gloves) category, we have worked to expand sales of gloves for professional use,which are highly valued for their functionality. Sales of Family Vinyl Thin Gloves with antiviral finger tips andultra-thin type disposable gloves declined, as demand for these gloves driven by heightened hygiene awarenessslowed. Net sales were 5,655 million yen (down 3.2% year on year).
In the Humidity Care (Dehumidifiers) category, we have moved forward with a shift toward high value-added
products by strengthening sales of the Bincho-tan series and Drypet Clear products. Despite sales of tank-type
products contributing due to price increases, sales of sheet-type products dropped, resulting in net sales of 2,882
million yen (down 3.4% year on year).
In the Home Care (Others) category, we have aggressively promoted efforts to expand sales of pet care products
as a developing business, as well as developing the Senjo-Riki and Kome-Touban brands. In addition to strong
sales of Kome-Touban, the ST Pet lineup was strengthened by the launch of new products, with contributions
from S.T. Pet Jikkan-shoshu Spray for Cat, a deodorant spray containing naturally derived ingredients, and S.T.
Pet Jikkan-shoshu Stand-type for Cat, a stand-type deodorant, resulting in net sales of 4,315 million yen (up0.6% year on year).
(iii) Future outlook
In the next fiscal year, the Japanese economy is expected to see a boost in personal consumption on the back ofimproved employment and wages and a recovery in inbound demand. However, the economic outlook is
expected to remain uncertain with factors including deteriorating corporate performance caused by high costs
due to soaring raw material and energy prices, declining consumer confidence due to high prices, geopoliticalrisks such as the situation in Russia and Ukraine, concerns about the future of the Chinese economy, and theimpact of exchange rate fluctuations.
Under these conditions, the Group will concentrate on “focusing on growth driving businesses,” “recovery ofcore businesses,” “measures to prevent cost rises,” and “creating a foundation to survive the ESG era” in orderto enable sustainable growth under brand value management.
In Air Care (Deodorizers and Air Fresheners) category, we will develop products with an emphasis on fragrance
to meet the needs for personal use products as part of our efforts for high value-added products. By strengthening
the lineup of the Shoshu-Riki Premium Aroma series, which focuses on high-quality fragrances, we aim to
attract a wide range of customers, especially among younger consumers. We have introduced a new stick typeto the Shoshu-Riki Premium Aroma For Sleep, a bedroom fragrance that helps create a comfortable space, andadded a new fragrance lineup to the Shoshu-Riki Premium Aroma for Toilet Spray, which has a high-quality
fragrance and a design that blends in with the restroom space. We will promote these products to younger
consumers through social media in order to cultivate new customers. In addition, we will maintain the volume
zone of the mainstay Shoshu-Riki series by strengthening the lineup of large-volume types and expanding
functional products in order to meet the needs of the intended use. We expect sales to increase by actively
engaging in overseas e-commerce businesses, and responding to the diversifying range of values.
In Cloth Care (Mothproofing Agents) category, the market is shrinking due to a delay in attracting younger
consumers and other factors. Therefore, we will work to revitalize the market. For light users, we will expand
sales of Mushuda NOTE, which combines quality, cleanliness and simplicity, as a value proposition with added-3-

S.T. CORPORATION (4951)
value and a world view tailored to their needs. We will also approach new customer segments with storage care
proposals utilizing digital media, in order to gain a wide range of recognition. For heavy users, we expect sales
to increase by collaborating with products in other categories to promote the functionality of the storage space
as a whole and by expanding sales of our main product, Mushuda.
In Thermal Care (Disposable Warmers) category, although the market is affected by atmospheric temperature,
the frequency of use is increasing due to an increase in opportunities to go outside and rising utility costs.
Therefore, for conventional disposable warmers, we will take an approach high value-added products thatemphasize functionality, create sales areas that promote home use, increase recognition of the Onpax brand, andcultivate differentiated products. However, the market environment is expected to be difficult, and we expect
sales to remain flat.
In Hand Care (Household Gloves) category, the sales floor changes little, so we will work to revitalize themarket by promoting designs that differentiate us from competitors to attract new users and proposing Family
Premium Bio gloves made of earth-friendly materials that respond to growing environmental awareness.
However, sales are expected to decrease.
In Dehumidity Care (Dehumidifiers) category, we will work to respond to changing storage patterns by
developing promotions for the entire storage space in collaboration with other categories. We will strengthen
the growing sales of the sheet-type Dry Pet for Walk-in Closet products, but revisions to the selling price of
dehumidifiers in response to the increased cost of raw materials has suppressed demand and so net sales are
expected to decrease.
In Home Care (Others) category, we will conduct promotions to acquire new customers and expand recognition
by utilizing digital sales promotions and social media, focusing on the Kome-Touban and Shinsen-Ban foodcare products, which are performing well, and the Senjo-Riki brand of Washing Machine Drum Cleaner andShoe Cleaner. In the pet care business, the new brand ST Pet launched the year before last has grown in the past
year. As a further development, we will actively promote further strengthening of the pet care business utilizing
the Nyantomo Clean Toilet brand to be acquired from Kao Corporation. We expect sales to increase bystrengthening our presence in the market through the development of the Nyantomo Clean Toilet and S.T. Pet
Jikkan-shoshu brands, both of which are based on the concept of being cat-friendly, and by reinforcing thedeodorant lineup, which is one of our strengths, such as the new product S.T. Pet Jikkan-shoshu Stand-type forCat.
In addition to the above measures for each category, we will continue to actively invest and strengthen ourbusiness management system for developing new products and new sales channels for further growth, aiming
to strengthen our structure to enable sales to increase continuously.
In terms of profits, it is expected that cost of goods sold will continue to rise due to higher raw material prices.
In addition, as we are planning capital investment in main categories to respond to cost reductions andproduction enhancements, as well as promoting research activities as investment in new businesses, strategic
marketing investment for growth, and investment for DX and ESG promotion and human resource development,
we expect a temporary increase in costs.
As a result, for the next fiscal year, we expect 49,200 million yen (up 10.6% year on year) for net sales, 2,000
million yen (up 49.1% year on year) for operating income, 2,300 million yen (up 19.2% year on year) for
ordinary income and 1,400 million yen (up 9.8% year on year) for profit attributable to owners of parent.

-4-

S.T. CORPORATION (4951)(2) Outline of financial status for the current fiscal year(i) Assets, Liabilities and Net Assets
Total assets at the end of the current fiscal year stood at 44,760 million yen, down 1,355 million yen from theend of the previous fiscal year. The decrease is mainly attributable to factors that include a decrease in cash anddeposits of 421 million yen, a decrease in merchandise and finished goods of 631 million yen, and a decreasein raw materials and supplies of 244 million yen.
Liabilities were 10,960 million yen, a decrease of 2,194 million yen from the end of the previous fiscal year.
The decrease is mainly attributable to factors that include a decrease in notes and accounts payable - trade of
748 million yen, a decrease in electronically recorded obligations - operating of 801 million yen, and a decrease
in income taxes payable of 484 million yen.
Net assets were 33,800 million yen, an increase of 839 million yen from the end of the previous fiscal year. The
increase is mainly attributable to factors that include an increase in retained earnings of 351 million yen, and anincrease in valuation difference on available-for-sale securities of 226 million yen.
Consequently, equity amounted to 33,159 million yen and the equity ratio was 74.1%, up 3.9 percentage points
from the end of the previous fiscal year.
(ii) Consolidated cash flows

Item
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period(Millions of yen)
Net increase or
decrease(2,718)261(180)

Previous fiscal year

Current fiscal year

4,362
(1,242)
(983)

1,644
(981)
(1,164)

25

73

47

2,161

(428)

(2,589)11,84314,0042,161

14,004

13,576(428)

Cash and cash equivalents as of March 31, 2024, stood at 13,576 million yen, down 428 million yen from theend of the previous fiscal year.
The main contributing factors affecting the respective cash flows during the current fiscal year are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities was 1,644 million yen (compared with 4,362 million yen provided in
the same period of the previous fiscal year). The major inflows were profit before income taxes of 1,933 million
yen, depreciation of 1,284 million yen, and a decrease in inventories of 888 million yen, while the major
outflows were a decrease in trade payables of 1,625 million yen and income taxes paid of 989 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 981 million yen (compared with 1,242 million yen used in the same
period of the previous fiscal year). The major outflows were purchase of property, plant and equipment of 620
million yen, and purchase of intangible assets of 223 million yen.
(Cash flows from financing activities)
Net cash used in financing activities was 1,164 million yen (compared with 983 million yen used in the same
period of the previous fiscal year). The major outflow was dividends paid of 922 million yen.

-5-

S.T. CORPORATION (4951)
Trends in cash flow-related indicators of the Group are as follows:

Item
Equity ratio
Market-based equity ratio
Interest-bearing debt to cash flow ratio(annual)Interest coverage ratio (times)

Fiscal year
ended
March 31,
2020
68.5%
82.0%

Fiscal year
ended
March 31,
2021
68.5%
92.7%

Fiscal year
ended
March 31,
2022
70.4%
76.4%

Fiscal year
ended
March 31,
2023
70.2%
75.4%

Fiscal year
ended
March 31,
2024
74.1%
77.0%

0.2

0.1

0.2

0.1

0.3

255.4

426.4

573.9

769.0

165.4

* Equity ratio: Equity/total assets
Market-based equity ratio: market capitalization/total assets
Interest-bearing debts to cash flow ratio: Interest-bearing debts/cash flows
Interest coverage ratio: cash flow/interest payment
1. All indicators are calculated based on consolidated financial figures.
2. Market capitalization is calculated based on the number of issued shares excluding treasury stock(including treasury stock remaining in the trust recorded as treasury stock in shareholders’ equity).
3. For cash flow, we use cash flow from operating activities on the consolidated statement of cash flow.
Interest-bearing debt covers all of the liabilities recorded on the consolidated balance sheet for whichinterest is paid. For interest payments, we use the amount of interest paid on the consolidated statementof cash flow.
(3) Basic policy on profit distribution and dividends for the current and next fiscal years
Our basic policy regarding profit distribution is as follows.
We will ensure retained earnings to perform strategic investment (product development, effective promotion,
capital investment, human resource development, etc.) for sustainable growth and improvement of corporate
value over the medium to long term, and as for dividends we will promote a dividend policy linked to businessperformance while maintaining a basic policy of continuous stable dividends.
With such a concept, regarding the dividend of surplus at the end of the current period, we will set the dividend
per share at 21 yen (42 yen for the full year) in consideration of the situation of net income and the realizationof shareholder interests.
Regarding the dividend of surplus for the next fiscal year, although the outlook for the Japanese economy isuncertain and the business environment remains severe, we plan to distribute 44 yen per share (22 yen out of
this will be interim dividend).

2. Basic concept regarding the selection of accounting standards
The Group has applied Japanese standards in consideration of the period comparability of consolidated financial
statements and the comparability between companies.
Regarding the application of IFRS, we will take appropriate measures in consideration of domestic and overseas
situations.

-6-

S.T. CORPORATION (4951)

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

*3

*1
*1
*1
*5
*1

As of March 31, 2024

14,149
200
5,879
5,956
200
1,109
692
(33)
28,154

*3

4,050
1,611
136
3,599
180
76
9,655

*1

*4

*1
*1
*5
*1

1,358
1,358
*2

-7-

5,795
4
6
557
585
–
6,947
17,962
46,116

13,728
208
5,773
5,324
238
865
748
(0)
26,885

3,969
1,544
139
3,609
164
48
9,476
1,217
1,217

*2

6,201
42
5
330
600
(0)
7,180
17,87444,760S.T. CORPORATION (4951)(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Electronically recorded obligations - non-operating
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As of March 31, 2024

2,883
3,151
497
62
1,222
619
646
209
20
2,082
11,394

*5

*5

-8-

79
262

2,135
2,349
454
69
1,296
669
162
135
85
2,105
9,463

*5

70
195

100

12

86

48

1,216
15
1,760
13,155

1,146
23
1,496
10,960

7,065
7,047
17,928(1,002)
31,0387,065
7,047
18,280(942)
31,451

1,974
(537)
(119)
34
1,352
570
32,961
46,116

*5

2,201
(470)
(38)
15
1,708
640
33,80044,760S.T. CORPORATION (4951)(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on disaster
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent*1, *3*2, *3Fiscal year ended
March 31, 2024

45,576
28,621
16,954
14,5382,416*1, *3*2, *344,472
28,057
16,414
15,073
1,341

7
113
119
1
154
396

20
120
109
224
169
645

5

12

11

31

51
13
81
2,730

–
12
57
1,930

*4

0
17
17

*4

0
79
79

*5

7
–
–
33
41
2,707
947
(127)
820
1,886
58
1,828

*5

12
0
63
–
76
1,933
370
166
536
1,396
121
1,274

-9-

S.T. CORPORATION (4951)(Consolidated statement of comprehensive income)(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 10 -

Fiscal year ended
March 31, 2024

1,886

1,396

107
–
79
(17)

226
66
113
(18)

7

3

177
2,064

391
1,788

1,976

1,631

87

157

S.T. CORPORATION (4951)(3) Consolidated statement of changes in shareholders’ equity
Previous fiscal year (April 1, 2022-March 31, 2023)(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity7,047

16,978(1,020)30,070

7,065

Changes during period
Dividends of surplus

(877)

(877)

Profit attributable to owners ofparent

1,828

1,828

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

17

17

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

–

–

950

17

968

7,065

7,047

17,928(1,002)

31,038

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

1,866

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

(537)

(177)

Remeasurements ofdefined benefit
plans
52

Total
accumulated
othercomprehensive income

Noncontrollinginterests

1,204

573

Total net assets

31,847

Changes during period
Dividends of surplus(877)

Profit attributable to owners ofparent

1,828

Purchase of treasury shares(0)

Disposal of treasury shares

17

Net changes in items other thanshareholders’ equity

108

–

57

(17)

148

(2)

145

Total changes during period

108

–

57

(17)

148

(2)

1,113

Balance at end of period

1,974

(537)

(119)

34

1,352

570

32,961- 11 -

S.T. CORPORATION (4951)
Current fiscal year (April 1, 2023-March 31, 2024)(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity7,047

17,928(1,002)

31,038

7,065

Changes during period
Dividends of surplus

(922)

(922)

Profit attributable to owners ofparent

1,274

1,274

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

61

61

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

–

–

351

60

412

7,065

7,047

18,280(942)

31,451

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

1,974

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

(537)

(119)

Remeasurements ofdefined benefit
plans
34

Total
accumulated
othercomprehensive income

Noncontrollinginterests

1,352

570

Total net assets

32,961

Changes during period
Dividends of surplus(922)

Profit attributable to owners ofparent

1,274

Purchase of treasury shares(0)

Disposal of treasury shares

61

Net changes in items other thanshareholders’ equity

226

66

81

(18)

356

70

426

Total changes during period

226

66

81

(18)

356

70

839

Balance at end of period

2,201

(470)

(38)

15

1,708

640

33,800- 12 -

S.T. CORPORATION (4951)(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on disaster
Loss (gain) on sale and retirement of non-current assets
Loss (gain) on sale and valuation of investment
securities
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit asset andliability
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Decrease (increase) in leasehold and guarantee deposits
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities- 13 -

Fiscal year ended
March 31, 2024

2,707
1,407
33
7

1,933
1,284
–
12

(17)

(15)

(0)

(33)

(94)

(76)

(6)

(88)

4

(38)

(120)
5
2

(141)
12
(84)

11

31

(237)
574
999
115
18
(440)
4,970
119
(5)
(722)
4,362

132
888
(1,625)
(73)
3
375
2,498
145
(9)
(989)
1,644

(105)
(877)
0
(266)
(20)
25
–
1
(1,242)

(4)
(620)
3
(223)
(61)
117
(151)
(40)
(981)

S.T. CORPORATION (4951)(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Purchase of treasury shares
Proceeds from disposal of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period*- 14 -

Fiscal year ended
March 31, 2024

39
(0)
17
(877)
(90)
(73)
(983)

(87)
(0)
–
(922)
(86)
(65)
(1,164)

25

73

2,161
11,84314,004(428)
14,004
13,576*

S.T. CORPORATION (4951)(5) Notes on consolidated financial statements
Notes on going concern assumption
Not applicable.
Notes on significant accounting policies for preparation of consolidated financial statements
1. Disclosure of scope of consolidation(1) Number of consolidated subsidiaries
7 companies
Names of consolidated subsidiaries
S.T. PRO Co., Ltd.
S.T. Business Support Co., Ltd.
S.T. MYCOAL CO., LTD.
S.T. (Thailand) Co., Ltd.
Family Glove Co., Ltd. (Taiwan)
S.T. Korea Corporation (South Korea)
Shaldan (Thailand) Co., Ltd.
(2) Names of non-consolidated subsidiaries and other related information
Non-consolidated subsidiaries
2 companies
Japan Aroma Laboratory Co., Ltd.
CODE Meee Inc.
The number of non-consolidated subsidiaries increased by one company during the current fiscal year, andthe details are as follows.
(Increase due to stock acquisition)
CODE Meee Inc.
(Reasons for exclusion from scope of consolidation)
As those non-consolidated subsidiaries are small, and none of their total assets, net sales, net income(amount corresponding to equity interest) and retained earnings (amount corresponding to equity interest)
have a significant impact on consolidated financial statements, they are excluded from the scope of
consolidation.
2. Disclosure about application of equity method(1) Number of affiliated companies accounted for by the equity method
2 companies
Company name:
Aekyung S.T. Co., Ltd. (South Korea)
NS FaFa Japan Co., Ltd.
(2) As for non-consolidated subsidiaries Japan Aroma Laboratory Co., Ltd. and CODE Meee Inc., which are
not accounted for by the equity method, their net income (amount corresponding to equity interest) andretained earnings (amount corresponding to equity interest) have a minor effect on the consolidated
financial statements even if they are excluded from being a subject of the equity method, and are
insignificant in general, so they are excluded from the scope of equity method application.
(3) For affiliates accounted for by the equity-method whose closing date is different from the consolidated
closing date, the financial statements for each company’s business year are used.
3. Disclosure about fiscal years, etc. of consolidated subsidiaries
Among consolidated subsidiaries, the closing date for S.T. (Thailand) Co., Ltd., Family Glove Co., Ltd.
(Taiwan), S.T. Korea Corporation (South Korea) and Shaldan (Thailand) is December 31. In preparing theconsolidated financial statements, the financial statements as of the relevant closing date are used. However,for important transactions that occurred during the period from January 1st to March 31st, the consolidated
closing date, necessary adjustments have been made for consolidation.
4. Disclosure of accounting policies(1) Valuation methods and standards for important assets
a. Securities
Other securities
Items that are not stocks without a par-value
Uses the market valuation method (full amount of valuation difference is charged to net assets using thedirect net asset method, and sales cost is calculated by the moving-average method).
- 15 -

S.T. CORPORATION (4951)
Stocks without a par-value
Mainly uses the cost method based on the moving average method.
b. Inventory assets
The Company and its domestic consolidated subsidiaries mainly use the cost method based on the total
average method (the balance sheet value is calculated by the method of devaluing the book value basedon the decline in profitability), and the overseas consolidated subsidiaries mainly use the low pricemethod based on the total average method.
(2) Depreciation method for important depreciable assets
a. Property, plant and equipment (excluding leased assets)
The Company and its domestic consolidated subsidiaries use the declining balance method, and overseas
consolidated subsidiaries mainly use the straight-line method based on the provisions of the accounting
standards of the country concerned.
(However, the Company and its domestic consolidated subsidiaries use the straight-line method forbuildings acquired on or after April 1, 1998 (excluding facilities attached to buildings) and for facilities
attached to buildings and structures acquired on or after April 1, 2016.)
The main useful lives are as follows.
Buildings and structures
3 - 50 years
Machinery, equipment and vehicles
2 - 17 years
Tools, furniture and fixtures
2 - 20 years
b. Intangible fixed assets (excluding leased assets)
The straight-line method is used.
The software used in-house is based on the usable period (mainly 5 years) in the company.
c. Leased assets
Leased assets relating to financial lease transactions without transfer of ownership
Amortized by the straight-line method based on the lease term as the useful life and residual value ofzero.
(3) Accounting standards for major provisions
a. Allowance for doubtful accounts
In order to prepare for losses from bad debt such as trade receivables and loan receivables, the Company
and its domestic consolidated subsidiaries provide for allowance for doubtful accounts at an uncollectableamount based on the historical percentage of credit losses for general credit, and at an amount that is
estimated to be uncollectible individually considering the possibilities of collection for specific credit
such as bad credit where there is a high probability of loss. In addition, overseas consolidated subsidiaries
mainly provide for estimated uncollectible amounts.
b. Provision for retirement benefits for directors (and other officers)
The Company provides for the amount required to be paid at the end of the term based on internal
regulations in order to prepare for the future payment of retirement benefits to officers.
c. Provision for executive officer’s incentive plan
The Company provides for the estimated amount of stock benefit obligations at the end of the current
fiscal year in order to prepare for the delivery of the Company’s stock to Executive Officers based oninternal regulations.
(4) Accounting method for retirement benefits(i) Period attribution method for expected retirement benefits
In calculating the retirement benefits obligation, the attribution method for the expected retirement
benefits amount to the period up to the end of the current fiscal year is based on the projected benefits
method.
(ii) Method of amortization of actuarial differences
The actuarial differences are amortized by the straight-line method over a certain number of years (5years), which is within the average period of the remaining years of service of eligible employees andare amortized from the following fiscal year in which the actuarial differences are recognized.
(iii) Adoption of a simplified method in small businesses, etc.
Some consolidated subsidiaries apply a simplified method to calculate retirement benefit liabilities andretirement benefit expenses, using a method in which the amount required for voluntary resignations at
the end of the term relating to retirement benefits is used as the retirement benefit obligation.
- 16 -

S.T. CORPORATION (4951)(5) Standards for recording important income and expenses
The Company and its domestic consolidated subsidiaries recognize revenue based on the anticipated amountto be received in exchange for a promised asset or provided service at the time when said asset or service istransferred to the customer. The time when the customer gains control is determined to be the time when thefinished goods arrive at the customer for domestic sales and the time when the finished goods arrive at the
point agreed with the customer for export sales.
These revenues are measured by deducting rebates and returns from the consideration promised in thecontract with the customer.
The agreed upon value shall be obtained within 2 months from the point at which the performance obligations
have been satisfied, and significant financing components shall not be included in the amount to beconsidered.
(6) Standards for translation of significant foreign currency-denominated assets or liabilities into Japanesecurrency
Foreign currency-denominated monetary receivables and payables are translated into yen at the spot
exchange rate on the consolidated closing date, and the translation difference is treated as profit or loss.
Assets and liabilities, and income and expenses of overseas subsidiaries, etc. are translated into yen at the
spot exchange rate on the consolidated closing date, and the translation difference is included in the foreignexchange translation adjustment account and non-controlling interests in the net assets section.
(7) Important hedge accounting method
a. Hedge accounting method
We mainly use deferred hedging. As to forward exchange contracts eligible for allocation treatment,
allocation treatment is applied, and in current fiscal year, all are processed with allocation treatment.
b. Hedging method and hedge target
Hedging method
Forward exchange contracts
Hedge target
Foreign currency denominated transactions
There is no remaining balance at the end of the current fiscal year.
c. Hedging policy
The Company mainly conducts forward exchange contracts to hedge the risk of short-term exchange
fluctuations in transactions scheduled to be denominated in foreign currencies.
(8) Scope of funds in the consolidated statement of cash flows
Funds (cash and cash equivalents) in the consolidated statement of cash flows consist of cash on hand,deposits that can be withdrawn at any time, and short-term investments that are easily redeemable, and is due
within 3 months from the date of acquisition, in which only tiny risk of fluctuations in value is assumed.

- 17 -

S.T. CORPORATION (4951)
Related to consolidated balance sheet*1 The accumulated depreciation of property, plant and equipment is as follows.
(Millions of yen)
Current fiscal year
(March 31, 2024)

Previous fiscal year
(March 31, 2023)
15,19915,574*2 The items for non-consolidated subsidiaries and affiliated companies are as follows.
(Millions of yen)
Current fiscal year
(March 31, 2024)

Previous fiscal year
(March 31, 2023)
Investment securities (shares)

273

393

*3 Collateral assets
The assets pledged as collateral are as follows.
(Millions of yen)
Current fiscal year
(March 31, 2024)

Previous fiscal year
(March 31, 2023)
Deposits (note)

55(Note) Deposits are used as collateral for transactions.
*4 Notes maturing on consolidated balance sheet dateIn the accounting treatment of notes matured on consolidated balance sheet date, they were treated as having
been settled on the maturity date, even though the end of the current fiscal year fell on a holiday of financial
institutions. The amounts of notes matured at the end of the current fiscal year are as follows.
(Millions of yen)
Current fiscal year
(March 31, 2024)

Previous fiscal year
(March 31, 2023)
Notes receivable (export bills)–

13*5 Under the Act on Revaluation of Land (Act No. 34 of March 31, 1998) and the Act on Partial Revision of
the Act on Revaluation of Land (Act No. 19 of March 31, 2001), we reevaluated the land for business use,
and for the valuation difference, recorded the tax equivalent amount related to the valuation difference inthe liabilities section as deferred tax liabilities for land revaluation, and the amount after deduction of thisamount is recorded in the net assets section as the revaluation reserve for land.
Method of revaluation:
It is calculated by making reasonable adjustments based on the fixed asset tax
valuation amount stipulated in Article 2, item 3 of the Order for Enforcement of
Act on Revaluation of Land (Cabinet Order No. 119 of March 31, 1998) and theland price tax law stipulated in Article 2, item 4 of the Order.
Date when revaluation is conducted: March 31, 2002
Previous fiscal year
(March 31, 2023)
Difference between the end-of-term market value of therevalued land and the book value after revaluation(177)- 18 -(Millions of yen)
Current fiscal year
(March 31, 2024)(115)

S.T. CORPORATION (4951)
Related to consolidated statement of income*1 The year-end inventory is the amount after book value is devalued due to the decline in profitability, andthe following loss on valuation of inventories is included in the cost of sales.
(Millions of yen)Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, 2023) (April 1, 2023-March 31, 2024)
743

564

*2 The main items and amounts of selling, general and administrative expenses are as follows.
(Millions of yen)Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, 2023) (April 1, 2023-March 31, 2024)
Transportation and storage costs
Sales promotion expenses
Advertising expenses
Salaries
Retirement benefit expenses
Provision for executive officer’s incentive plan
Provision of allowance for doubtful accounts

1,661
575
2,598
2,487
145
22
(0)

1,558
558
2,319
2,662
139
22
(33)

*3 The total amount of research and development expenses included in general and administrative expenses
and manufacturing costs for the period is as follows.
(Millions of yen)Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, 2023) (April 1, 2023-March 31, 2024)
774

927

*4 Contents of the gain on sale of non-current assets are as follows.
(Millions of yen)Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, 2023) (April 1, 2023-March 31, 2024)
Machinery, equipment and vehicles
Tools, furniture and fixtures

0
0

–
0

Total

0

0

*5 Contents of the loss on sale and retirement of non-current assets are as follows.
(Millions of yen)Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, 2023) (April 1, 2023-March 31, 2024)
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Other

1
5
0
0

8
2
0
0

Total

7

12

- 19 -

S.T. CORPORATION (4951)
Related to statement of changes in shareholders’ equity
Previous fiscal year (April 1, 2022-March 31, 2023)
1. Matters concerning the class and total number of issued shares and the class and number of treasury shares
Number of shares at
Number of shares
Number of shares
Number of shares atthe beginning of theincreased during thedecreased during the the end of the current
current fiscal year
current fiscal year
current fiscal year
fiscal year (Thousands(Thousands of shares) (Thousands of shares) (Thousands of shares)of shares)
Issued shares
Ordinary shares

23,000––23,000Total

23,000––23,000

772

0

13

759

772

0

13

759

Treasury shares
Ordinary shares (note)
Total(Notes) 1. The increase in the number of shares of treasury shares of ordinary shares of 0 thousand shares is dueto the purchase of shares of less than one unit.
2. The decrease in the number of shares of treasury shares of ordinary shares of 13,000 shares is due tothe delivery of treasury shares to the Board Benefit Trust (BBT).
3. Treasury shares of ordinary shares includes shares owned by Custody Bank of Japan, Ltd. (Trust E
Account) (284,000 shares at the beginning of the current fiscal year and 270,000 shares at the end of
the current fiscal year).
2. Matters relating to dividends(1) Amount of dividend payment
Total amount ofdividends(Millions of yen)

(Resolution)

Class of shares

Board of Directors
Meeting on May 20,
2022

Ordinary shares

427

Board of Directors
Meeting on November
8, 2022

Ordinary shares

450

Dividend pershare (yen)Record date

Effective date19

March 31, 2022

June 6, 2022

20

September 30, 2022

December 9, 2022

(Notes) 1. The total amount of dividends decided by the resolution of the Board of Directors on May 20, 2022
includes dividends of 5 million yen for the shares of the Company owned by the Custody Bank ofJapan, Ltd. (Trust E Account).
2. The total amount of dividends decided by the resolution of the Board of Directors on November 8,2022 includes dividends of 5 million yen for the shares of the Company owned by the Custody Bankof Japan, Ltd. (Trust E Account).
(2) Out of dividends for which the record date falls in the current fiscal year, the effective date for the dividends
falls in the following fiscal year
(Resolution)

Class of shares

Total amountof dividends(Millions ofyen)

Board of Directors
Meeting on May
19, 2023

Ordinary shares

450

Source ofdividends

Dividend pershare (yen)Retainedearnings

20

Record date

Effective date

March 31, 2023

June 5, 2023

(Note) The total amount of dividends decided by the resolution of the Board of Directors on May 19, 2023
includes dividends of 5 million yen for the shares of the Company owned by the Custody Bank of Japan,
Ltd. (Trust E Account).

- 20 -

S.T. CORPORATION (4951)
Current fiscal year (April 1, 2023-March 31, 2024)
1. Matters concerning the class and total number of issued shares and the class and number of treasury shares
Number of shares at
Number of shares
Number of shares
Number of shares atthe beginning of theincreased during thedecreased during the the end of the current
current fiscal year
current fiscal year
current fiscal year
fiscal year (Thousands(Thousands of shares) (Thousands of shares) (Thousands of shares)of shares)
Issued shares
Ordinary shares

23,000––23,000Total

23,000––23,000

759

0

47

712

759

0

47

712

Treasury shares
Ordinary shares (note)
Total(Notes) 1. The increase in the number of shares of treasury shares of ordinary shares of 0 thousand shares is dueto the purchase of shares of less than one unit.
2. The decrease in the number of shares of treasury shares of ordinary shares of 47,000 shares is due tothe delivery of treasury shares to the Board Benefit Trust (BBT).
3. Treasury shares of ordinary shares includes shares owned by Custody Bank of Japan, Ltd. (Trust E
Account) (270,000 shares at the beginning of the current fiscal year and 223,000 shares at the end of
the current fiscal year).
2. Matters relating to dividends(1) Amount of dividend payment
Total amount ofdividends(Millions of yen)

(Resolution)

Class of shares

Board of Directors
Meeting on May 19,
2023

Ordinary shares

450

Board of Directors
Meeting on November
8, 2023

Ordinary shares

472

Dividend pershare (yen)Record date

Effective date20

March 31, 2023

June 5, 2023

21

September 30, 2023

December 8, 2023

(Notes) 1. The total amount of dividends decided by the resolution of the Board of Directors on May 19, 2023
includes dividends of 5 million yen for the shares of the Company owned by the Custody Bank ofJapan, Ltd. (Trust E Account).
2. The total amount of dividends decided by the resolution of the Board of Directors on November 8,2023 includes dividends of 4 million yen for the shares of the Company owned by the Custody Bankof Japan, Ltd. (Trust E Account).
(2) Out of dividends for which the record date falls in the current fiscal year, the effective date for the dividends
falls in the following fiscal year
(Resolution)

Class of shares

Total amountof dividends(Millions ofyen)

Board of Directors
Meeting on May
21, 2024 (planned)

Ordinary shares

472

Source ofdividends

Dividend pershare (yen)Retainedearnings

21

Record date

Effective date

March 31, 2024

June 3, 2024

(Note) The total amount of dividends decided by the resolution of the Board of Directors on May 21, 2024
includes dividends of 4 million yen for the shares of the Company owned by the Custody Bank of Japan,
Ltd. (Trust E Account).

- 21 -

S.T. CORPORATION (4951)
Related to consolidated statement of cash flows* The relationship between the balance of cash and cash equivalents at the end of the period and the amountof items posted on the consolidated balance sheet(Millions of yen)Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, 2023) (April 1, 2023-March 31, 2024)
Cash and deposit accounts
Time deposits with a deposit period of more than 3 months“Others” in current assets (note)

14,149(176)
31

13,728(190)
38

Cash and cash equivalents

14,004

13,576(Note) This is bank account lending that belongs to the trust property of the trust established for the purposeof the “board benefit trust (BBT)” and “board benefit trust (J-ESOP)” schemes.
Segment information
Previous fiscal year (April 1, 2022-March 31, 2023) and current fiscal year (April 1, 2023-March 31, 2024)
This information is omitted as the Group operates the daily necessities segment as a single segment.

- 22 -

S.T. CORPORATION (4951)
Per share information
Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, (April 1, 2023-March 31,
2023)
2024)
Net assets per share (Yen)
1,456.38
1,487.83
Earnings per share (Yen)
82.22
57.23
(Notes) 1. Diluted earnings per share for the current fiscal year are not given since there are no dilutive shares.
2. The basis for calculation for earnings per share is as follows.
Previous fiscal year
Current fiscal year
(April 1, 2022-March 31, (April 1, 2023-March 31,
2023)
2024)
Earnings per share
Profit attributable to owners of parent (Millions of
1,828
1,274
yen)
Amount not attributable to ordinary shareholders––(Millions of yen)
Profit attributable to owners of parent relating to
1,828
1,274
ordinary shares (Millions of yen)
Average number of shares of ordinary shares during
22,24022,275the period (Thousands of shares)
3. The basis for calculation for net assets per share is as follows.
End of previous fiscal year End of current fiscal year
(March 31, 2023)(March 31, 2024)
Total amount of net assets (Millions of yen)
32,96133,800
Amount to be deducted from the total amount of net
570
640
assets (Millions of yen)
[Of which, non-controlling interests (Millions of
[570]
[640]
yen)]
Net assets at the end of the period for ordinary shares
32,39033,159(Millions of yen)
Number of ordinary shares at the end of the periodused to calculate net assets per share (Thousands of
22,24022,287
shares)4. The shares of the company remaining in trust recorded as treasury shares in shareholders’ equity areincluded in the treasury shares to be deducted from the total number of issued shares at the end of
the period in the calculation of net assets per share. (270,000 shares in the previous fiscal year,
223,000 shares in the current fiscal year)
In addition, this is included in treasury shares to be deducted in the calculation of the average numberof shares during the period in the calculation of earnings per share. (270,000 shares in the previous
fiscal year, 235,000 shares in the current fiscal year)
Significant post-balance sheet events
Not applicable.

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